Bank of New York Mellon Corp Buys 39,599 Shares of CoreWeave Inc. $CRWV

Key Points

• Bank of New York Mellon increased its CoreWeave stake by 12.6% in the first quarter, purchasing 39,599 additional shares and bringing its holdings to 353,702 shares worth approximately $27.4 million.
• CoreWeave received a mixed analyst outlook: Jefferies and Citigroup downgraded the stock to “hold,” while other firms maintained bullish ratings. MarketBeat’s consensus remains “Moderate Buy,” with an average price target of $136.25.
• CoreWeave shares opened at $70.79, well below their 12-month high of $153.20. Despite revenue more than doubling year over year to $2.08 billion, the company missed quarterly EPS estimates and continues to report substantial losses, while insiders sold $1.87 billion of stock during the quarter.

Bank of New York Mellon Corp boosted its position in CoreWeave Inc. (NASDAQ:CRWV - Free Report) by 12.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 353,702 shares of the company's stock after purchasing an additional 39,599 shares during the period. Bank of New York Mellon Corp owned 0.08% of CoreWeave worth $27,401,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in CoreWeave by 275.6% during the fourth quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company's stock worth $1,999,421,000 after purchasing an additional 20,487,478 shares during the period. Proficio Capital Partners LLC raised its holdings in shares of CoreWeave by 446,194.0% in the 3rd quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company's stock worth $2,443,013,000 after purchasing an additional 17,847,760 shares during the period. Clear Street Group Inc. grew its stake in shares of CoreWeave by 57.2% during the 4th quarter. Clear Street Group Inc. now owns 4,653,815 shares of the company's stock worth $333,260,000 after acquiring an additional 1,692,916 shares during the period. Alyeska Investment Group L.P. raised its position in shares of CoreWeave by 300.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,000,000 shares of the company's stock valued at $286,440,000 after purchasing an additional 3,000,000 shares during the period. Finally, Deutsche Bank AG lifted its position in shares of CoreWeave by 22,624.0% during the fourth quarter. Deutsche Bank AG now owns 3,812,856 shares of the company's stock worth $273,039,000 after acquiring an additional 3,796,077 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CRWV. Jefferies Financial Group lowered shares of CoreWeave from a "buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Wells Fargo & Company lifted their target price on shares of CoreWeave from $135.00 to $155.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 target price on shares of CoreWeave in a research note on Thursday, July 2nd. Citigroup cut CoreWeave from a "buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Finally, Wolfe Research reissued an "outperform" rating on shares of CoreWeave in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $136.25.

CoreWeave Stock Down 1.5%

CRWV stock opened at $70.79 on Tuesday. The stock has a market cap of $31.68 billion, a P/E ratio of -22.76 and a beta of 7.17. CoreWeave Inc. has a twelve month low of $63.80 and a twelve month high of $153.20. The business's 50-day moving average price is $96.38 and its 200-day moving average price is $95.39. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 3.68.

CoreWeave (NASDAQ:CRWV - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.40) earnings per share for the quarter, missing analysts' consensus estimates of ($1.17) by ($0.23). The firm had revenue of $2.08 billion for the quarter. CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. The business's quarterly revenue was up 111.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.60) EPS. On average, equities research analysts forecast that CoreWeave Inc. will post -4.57 EPS for the current year.

Insider Buying and Selling at CoreWeave

In other CoreWeave news, insider Brian M. Venturo sold 375,000 shares of CoreWeave stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $126.78, for a total value of $47,542,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack D. Cogen sold 986,540 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $107.80, for a total transaction of $106,349,012.00. The disclosure for this sale is available in the SEC filing. Insiders sold 16,049,177 shares of company stock worth $1,872,383,030 in the last quarter. 24.20% of the stock is owned by corporate insiders.

About CoreWeave

CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.

CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.